July 21, 2024

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Utica National Accelerates Electronic Transformation with

3 min read

JERSEY Town, N.J., June 14, 2021 (Globe NEWSWIRE) — The member corporations of the Utica Countrywide Insurance policy Group are accelerating the electronic transformation of its underwriting system with an ecosystem of robust knowledge solutions from Verisk (Nasdaq: VRSK), a foremost world-wide info analytics supplier. Utica Nationwide is using LightSpeed® Tiny Business from Verisk to assistance automate underwriting, make improvements to purchaser and agent ordeals, and eventually access the complete line in the “race to zero” questions necessary on little commercial insurance policy apps.

Utica National and other insurers who generate small industrial accounts typically encounter inefficient quote-to-bind processes, annoying and cumbersome application processes for enterprise entrepreneurs, and underwriting information that are often inaccurate or incomplete. The marketplace faces challenges when data is not granular ample to classify pitfalls correctly and uncover insights into a business’s functions.

When Utica Countrywide resolved to extend its relationship with Verisk before this year, the insurance provider took considerably a lot more than robust details analysis into account.   

“Verisk was equipped to provide us extensive info to aid us strengthen not only our ease of undertaking organization but also our underwriting final results,” explained John Eckmair, Utica Countrywide Vice President and Chief Underwriting Officer. “Not only was this details detailed, the accuracy and match effects continually outperformed the market. When you increase the benefit and shopper provider that their team delivers, renewing with Verisk was an quick decision for us.”

With LightSpeed Small Commercial, Utica National can leverage strong company info and innovative home analytics to support strengthen classification, uncover exposures, and appraise risks linked with the overall health of a enterprise. Utica Nationwide may perhaps also use LightSpeed Little Business to speed up powerful underwriting selections and, as a end result, reply to rising shopper expectations.

“Utica Nationwide is a tech-ahead company. They’ve constantly invested in details and developed as technological innovation has improved,” stated Tracey Waller, Verisk Director of Smaller Professional Underwriting. “We’ve relished a sturdy connection with Utica Countrywide since they partnered with us numerous decades ago, and we’re pleased that our predictive analytics and facts-concentrated system are serving to them advance and automate their underwriting.”

About the Utica Nationwide Insurance policies Team
Utica Countrywide Insurance plan Group is a nationally recognized group of insurers, delivering individual and industrial coverage products and solutions and services, with the 2nd-biggest problems and omissions business enterprise in the United States. The member companies of Utica National provide their products and solutions as a result of additional than 2,500 impartial insurance policy brokers and use above 1,200 people today countrywide. The guide insurance coverage company of the team, Utica Mutual Insurance plan Organization, was established in 1914 and is headquartered in New Hartford, New York, with eleven places of work. For a lot more details, please visit www.uticanational.com.

About Verisk
Verisk (Nasdaq:VRSK) delivers predictive analytics and selection-guidance answers to buyers in the insurance coverage, strength and specialized marketplaces, and financial solutions industries. More than 70 per cent of the FORTUNE 100 depends on the company’s highly developed systems to control risks, make superior conclusions and make improvements to working effectiveness. The company’s analytic remedies deal with insurance plan underwriting and statements, fraud, regulatory compliance, organic resources, catastrophes, economic forecasting, geopolitical risks, as perfectly as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company carries on to make the earth far better, safer and more robust, and fosters an inclusive and diverse culture where all team members truly feel they belong. With far more than 100 workplaces in almost 35 countries, Verisk regularly earns certification by Good Location to Perform. For additional: Verisk.comLinkedInTwitterFacebook, and YouTube.

Get in touch with:

Sarah Hinman (for Utica Countrywide)
315-734-2438
VP, Director of Promoting, Communications & Consumer Engagement
[email protected]

Ali Krueger Herbert (for Verisk)
551-204-6592
[email protected]

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